Business Tax- Partnership 'Cannot be negative' - Drawings. Box 3.115 should equal the sum of 3.111+3.112+3.113-3.114
Article ID
ias-10821
Article Name
Business Tax- Partnership 'Cannot be negative' - Drawings. Box 3.115 should equal the sum of 3.111+3.112+3.113-3.114
Created Date
4th February 2013
Product
IRIS Business Tax
Problem
IRIS Business Tax- Partnership 'Cannot be negative' - Drawings. Box 3.115 should equal the sum of 3.111+3.112+3.113-3.114. Value on the following boxes of trading and professional income cannot be negative. drawings
Resolution
It may show as a warning: Value on the following boxes of trading and professional income cannot be negative. drawings
IRIS BT will not put a negative figure on the Tax return. If you have made entries that will result in a negative figure populating a box on the return, IRIS will omit this from the Tax return. This can result in the balance sheet not balancing and you will get the error message detailed above.
• Go to Business Tax for this client
• Go to Trades at the top of the screen | partnership | Overwrite/Leave alone – set to no
• Then go to the yellow folders located along the left side of the screen | Trading and professional income | Balance Sheet Summary | Net Business Assets – remove the negative drawing and enter it in capital introduce
Transfer any negative figures to an appropriate box i.e. if there is -£100 in drawings, remove it from this box and enter in capital introduced as a positive figure.
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